Inheritance Tax is a tax which can arise where a beneficiary receives an inheritance as a result of someone dying. The beneficiary is responsible for paying the tax. An inheritance can be taken under a will or intestacy. Inheritance Tax may arise when a beneficiary receives an inheritance which exceeds their threshold.
A threshold is the amount a beneficiary is allowed receive without having to pay tax. Your threshold is determined by your relationship to the person from whom you are receiving your inheritance. The inheritance a person receives is taxed, if its value exceeds the threshold. Different tax thresholds apply depending on the relationship between the deceased person and the beneficiary. There are also a number of reliefs from inheritance tax available.
Inheritance Tax is also known as Capital Acquisition Tax (CAT).
It is necessary to consider the following:
- How do I know if I am liable to pay Inheritance Tax?
- What threshold relates to me?
- What reliefs are available?
- When is Inheritance Tax payable?
Each of these matters is dealt with in our website.
The information set out above is to act as a guide and is no substitute for specific advice that you would receive from us about Inheritance Tax.
The law and tax law is always changing and affects each person differently.
For further information or to arrange an appointment, please Contact Us.
